Tuesday, September 20, 2022

Is Kitco Safe To Buy Gold

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Kitco To Start Trading Gold

Is it too late to buy gold? We ask RBCs George Gero, Wall Street guru

Canadian precious-metals retailer Kitco Metals will start trading its new cryptocurrency dubbed Kitco Gold that will be fully backed by physical gold held in reserve vaults while tracking the real-time market value.

The company expects to launch the service in the next few weeks.

As a regulatory compliance provider, Kitco chose Hong Kongs First Digital Trust that will also arrange all know-your-customer and anti-money laundering procedures, as well as funds processing and final authorisation.

Stablecoin issuer Stably has been appointed to provide smart contract technology for minting and burning KGLD on the Ethereum network while Tradewind Markets will act as the assistant in the settlement.

The company stated the intention of creating this ERC-20 stablecoin is to combine the structure of gold investments with the scarcity, flexibility, and upside potential of the crypto world.

It also represents an answer to cautious investors who may be uncomfortable launching into the world of cryptocurrency investing, or those who are looking for more secure investments.

John Dourekas, chief business development officer at Kitco Digital Metals Group, commented that KGLD acts as a digital receipt of physical gold ownership and provides institutional investors with a robust asset class.

Earlier this year, Kitco Metals Inc offered digital gold on Tradewinds secure electronic platform, VaultChain, giving investors of all levels the opportunity to diversify their portfolio.

Gold Futures Touched Rs 48000 Per 10 Grams According To Data On The Multi Commodity Exchange Analysts Remain Bullish On Gold Prices And Expect The Price Of The Yellow Metal To Rise Due To Favourable Macroeconomic Conditions

The price of domestic gold is rising amid the ongoing second wave of Covid-19. The current trend is in sharp contrast to the situation seen at the beginning of the year when gold was under pressure due to a strong US dollar and surging US bond yields.

It may be noted that the price of the precious yellow metal fell in India at the end of 2020 after rising to a record high last year during the peak of the Covid-19 pandemic. However, gold prices are on the rise again due to favourable macroeconomic fundamentals.

Secure Storage Is Necessary

As gold bullion is valuable, finding a secure storage vault is essential to prevent theft or loss. You can store your gold at a home vault. Other investors prefer storing their gold in a dealers secure vault.

Off-site storage costs money and doesnt give you instant access to your gold if you need to sell it quickly.

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Reasons Not To Buy Gold

Gold might be a pretty way to invest, but its not guaranteed to keep its value. Opponents of gold also dont like that it isnt a cash-generating asset. Some of the most common reasons to avoid buying gold include:

  • No dividend revenue
  • Low long-term returns compared to stocks
  • Can be difficult to sell
  • Unpredictable prices
  • Taxed as a collectible

Should You Buy Gold Coins Or Should You Buy Gold Bars

Buy 1 oz Canadian Gold Bars

Since 1977, Kitco has been buying gold in the form of scrap, gold coins, and gold bars. We are the worlds #1 Gold News website, and a trusted online bullion dealer choice from where to both sell and buy gold.

It is often the goal of investors to buy gold bullion at the lowest price per ounce possible. If buying the most ounces of gold for your capital is your biggest goal, buying gold bars is probably your best choice.

If owning a government backed highly recognizable legal tender coin is most important to you, than perhaps buying a gold coin or multiple gold coins is your best option.

Maybe government minted gold bullion bars are be the best hybrid between both offering a low price gold bar coupled with a government guarantee and high recognition hallmark. Both the Canadian Mint and Australias Perth Mint make such government guaranteed yet low price gold bars.

Also Check: How Much Is 18 Karat Gold Per Ounce

Gold: Is It Safe To Buy

Kitco Commentaries | Opinions, Ideas and Markets Talk

Featuring views and opinions written by market professionals, not staff journalists.

Has gold proven that the bottoms are in? Is it safe to buy gold at these levels? We may have to check with Dustin Hoffman and Sir Laurence Olivier from the movie Marathon Man.

Gold has certainly done a lot of technical work and appears to have made higher lows within the consolidation levels. Our $1,180 level held and then the higher low of $1,190 held, all good signs for gold.

Gold is building a solid base and making higher lows. The concern here with gold popping $10 on Wednesday is will it be able to break through the $1,220 resistance level? We would expect the first trip to fail but more importantly we are focusing on buying at the higher low of $1,200.

The bottoms appear to be in and buying at the right levels appears to be safe. Although we expect a failure from $1,220, we expect the $1,200 level to hold and are buyers there. The footprints indicate that gold is safe and looking for buy levels is the correct strategy from here.

How To Choose A Reputable Gold Dealer

Unquestionably, a company’s reputation is the number one criteria by which to evaluate and compare gold dealers. The single best measure of a company’s reputation is its transaction history, which can be assessed by customer reviews. Companies with a large number of reviews are typically more established or have built up their trust and reputation through a greater number of transactions.

Additionally, you should look for the following when evaluating a dealer’s reputation:

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Kitco Reviews And Accreditation

BBB Based on Kitco reviews on the BBB, the firm has a rating of A+ . Also, we found 8 customer reviews and 1 customer complaint on the platform.

BCA the Company is neither accredited by the Business Consumer Alliance nor does it have any reviews there.

Facebook- No reviews, no ratings.

TrustLink No reviews, no ratings.

Ripoff Report No reviews.

Gold Pauses After Safe Haven Rush Sparked By New Virus Variant

Opportunity To Buy Gold Coming: Jim Rogers | Kitco News
Register now for FREE unlimited access to reuters.com
  • Gold heads for worst week since mid-June
  • U.S. 10-year Treasury yields drop to 2-week low
  • Palladium drops as much as 8% platinum as much as 4%

Spot gold rose 0.2% to $1,791.97 per ounce by 1349 p.m. ET , after going up as high as $1,815.26. U.S. gold futures settled 0.1% higher at $1,785.5.

Authorities globally reacted with alarm to the virus variant, with the EU and Britain among those tightening border controls as researchers sought to establish out if the mutation was vaccine-resistant, triggering a selloff across markets that seeped into oil and other precious metals. read more

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But after the rally due to bullion’s safe-haven appeal, the overall bearish turn in commodities eventually claimed gold as well, said Jim Wyckoff, senior analyst at Kitco Metals, adding the market reaction was probably overblown.

Supporting gold and even capping the eventual retreat, was a sharp pullback in the dollar and lower U.S. Treasury yields.

“Gold price should remain supported in this environment and the topic of tapering should take a back seat for the time being,” said Alexander Zumpfe, a precious metals dealer at Heraeus.

Gold was still headed for its worst week since mid June, down 2.9% so far, pressured by expectations that the U.S. Federal Reserve could hasten interest rate rises, raising the opportunity cost of holding non-interest-bearing bullion. read more

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Is Buying Gold Online Safe

Buying gold online is as safe as any other transaction you make over the internet as long as you know you’re dealing with a reputable company. The best dealers use SSL encryption and are PCI compliant. Plus, all their shipments are insured for their full value.

The most significant risk you face is purchasing from an illegitimate company that sells fake products, overpriced inventory, or simply runs off with your money. As with any online purchase, you are your first and last line of defense against scammers. You need to do your due diligence on gold dealers by researching them online.

Kitco Gold Will Be Backed By Physical Gold Stored In Vaults And Will Track The Real

Gold bars

Kitco, a Canada-based provider of news and data on gold and other precious metals, is getting into the stablecoin game.

Kitco Gold will be fully backed by physical gold held in Kitco’s DirectReserve vaults and will track the real-time market value of the yellow metal, according to a press release shared with CoinDesk on Wednesday.

The initial trading date for KGLD hasn’t been set yet, but it will be in the coming weeks, according to a spokesperson.

Hong Kong’s First Digital Trust will provide regulatory compliance, know-your-customer and anti-money laundering procedures, funds processing and final authorization. Stablecoin issuer Stably will provide smart contract technology for minting and burning KGLD on the Ethereum network, and Tradewind Markets will assist in settlement.

The stablecoin attempts to combine the safe-haven nature of owning gold with the flexibility and transparency of a digital asset, Kitco said.

Kitco provides precious metals news and data used by millions to access the market prices of gold, silver, palladium and other metals. Its users will now gain access to the digital equivalent of Kitcos depositories and vaults, which are audited to industry standards, according to Kitco’s press release.

John Dourekas, a Kitco spokesman, said KGLD represents a digital receipt of physical gold ownership and provides institutional investors with a “robust” asset class.

DISCLOSURE

Read Also: How Much Is 1 10 Oz Of Gold In Grams

Best Customer Experience: Jm Bullion

JM Bullion

JM Bullion provides its customers with a user-friendly website, transparent pricing structure, dedicated customer support, and investor-friendly features such as an Automated Investment Program, making it our choice as the online gold dealer with the best customer experience.

  • Clean and easy-to-use shopping site

  • Several hundred thousand positive reviews

  • Doesn’t sell internationally

  • Questionable moderate rating on Trustpilot

Since its founding in 2011, JM Bullion has quickly grown to become Inc.com’s “fastest-growing precious metals company” in the U.S. That growth can be attributed to JM Bullion’s commitment to its customers to offer a wide selection of products, competitive and transparent pricing, dedicated customer support, an automated savings plan, and a simple purchasing process, which makes it our choice as the online gold dealer with the best customer experience.

Its product selection is extensive, with a wide variety of gold, silver, platinum, copper, and palladium coins, and bars, priced competitively with no commissions or additional fees. Its advertised price of a 1 oz. Gold Eagle coin is $2,049, about a 5% mark-up from the spot price. JM Bullion offers members of the military the same discount it offers on bulk purchases.

Payments can be made by ACH transfer , cryptocurrency , paper check , credit or debit card , PayPal , and bank wire transfer . Credit card and PayPal payments are assessed a 4% processing fee.

Canadian High Interest Savings Bank Accounts

Buy 1 oz Gold Bars

I’m looking to buy some gold Maple Leaf coins from one of the Mint’s registered dealers. If anyone has any experience in this and has any advice re steering me towards or away from any particular dealer I’d be interested to know. Thanks.

I bought some coins once from Kitco online. Didn’t have to go in, they mailed it out.

Most of them got stolen when I had a break in and insurance didn’t cover much of it.

Thanks, Briguy, based on the little bit of research I’ve done so far Kitco is an option for me.

I will not be storing the coins where anyone can find them. But I’m curious, how long after the coins were mailed to your address was your house broken into?

Get a small safe. Bolt it to the floor. Silvergoldbull.ca is who I use alot for silver.. I do want some yellow goodness soon!

Bill said Thanks, Briguy, based on the little bit of research I’ve done so far Kitco is an option for me.

I will not be storing the coins where anyone can find them. But I’m curious, how long after the coins were mailed to your address was your house broken into?

It was about 5 yr later, so not related.

I also bought some special edition coins once from Colonialacres in USA and had shipped to a relative in USA.

Bill said I will not be storing the coins where anyone can find them. But I’m curious, how long after the coins were mailed to your address was your house broken into?

Bill, I had good experience with Kitco, Global Bullion Suppliers , Canadian PMX .

Cheers,

Cheers,

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Why It’s An Opportune Time To Enter The Gold Sector

Kitco News

– The uptrend for gold is still intact, said Dr. Nicole Adshed-Bell, director at Cupel Advisory Group.

Earlier this month Adshead-Bell spoke to Kitco at the Deutsche Goldmesse show in Frankfurt, Germany.

“We’re no longer at the very beginnings of a bull market,” said Adshed-Bell, adding that the easy money has already been made.

“Bull markets have varying degrees of gestation and some of them can be exceptionally long in duration,” she said noting 2020 was a “euphoric” year.

“Whenever you have that kind of parabolic equity performance, there will always be a correction. That’s a very natural thing, and that’s a healthy thing.”

Adshead-Bell said inflation and global uncertainty favors gold.

“All of these elements that are circling around the globe are very, very good for gold. I think we’ll look back on this year and think that this was an opportune time to enter into the sector.”

The resource space is compelling, she added. There aren’t too many sectors like the junior resource space that offer similar risk and reward for investors.

“We had fantastic performance in a number of discovery plays in the last year. That was combined with the euphoria of the gold market. It would come in no surprise to anybody we’re up between 600 and 2,000%,” said Adshead-Bell.

“Those kinds of returns you just don’t see in any other sector in that short a timeframe.”

When Is A Deposit Of Funds Required To Make A Sale Do I Need To Pay To Confirm A Price

Under certain conditions, you need to deposit funds to make a sale and confirm a price. The deposit requirements depend on your country of residence and the total value of your open transactions*, as follows:

Existing Customers, Within the United States or Canada

In order to lock in your sale price, you must use Kitco’s shipping service.

Total value of all open transactions* Price confirmation requirements
No deposit required, but a valid Visa or MasterCard credit card number must be submitted.
Over $50,000 and up to $100,000 You may be required to provide a valid Visa or MasterCard credit card number and are required to have 15% of the total value of all open transactions in cleared funds on your account or in cleared Kitco Pool holding, VaultChainTM holding, or Kitco Allocated Storage deposits
Over $100,000 You may be required to provide a valid Visa or MasterCard credit card number and are required to have 25% of the total value of all open transactions in cleared funds on your account or in cleared Kitco Pool holding, VaultChainTM holding, or Kitco Allocated Storage deposits

New Customers, Within the United States or Canada

In order to lock in your sale price, you must use Kitco’s shipping service.

Your credit card will only be used to confirm your price and, at Kitcos discretion, to recoup any market loss charges and other fees that may become payable.

Depending on your country of residence , you may choose to be paid by any of the following methods:

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Can I Ship My Coins And Bars To Kitco Without Confirming A Price

Yes, you can ship precious metal bullion products to Kitco without confirming a price. You may also confirm a price before we physically receive your products . If you have not confirmed a price before dispatching your products or while they are in transit, we will price your shipment at the market price that prevails when we receive it.

We can also convert your precious metal bullion products into Kitco Pool, which you can hold indefinitely. This is an excellent option if you no longer want to hold precious metals in physical form and still want to watch the market and sell at a later date.

Buying Gold: Avoid These Three Mistakes

Gold Up 27% YTD Who Is Really Buying Gold? – Nick Colas | Kitco News

Editor’s note: As part of our partnership with PBS’s Nightly Business Report, TheStreet’s Alix Steel appeared on NBR to discuss common mistakes gold investors make.

NEW YORK — Wild price swings in gold can cause investors to lose focus and lose money.

Over the past 10 years

have surged from $282 to a record intraday high of $1,264 an ounce, but daily volatility can lead to big trading mistakes.

The gold market is ripe with peer-pressure buying. When gold makes a big double-digit move up or down, panicked retail investors can be tempted to either jump into the market for fear of missing the rally or to sell their positions because they don’t want to be stuck owning “cheap” gold.

“Most individual investors lose in the gold market because they love

the chase/buy excitement,” says Scott Redler, chief strategic officer at

T3Live.com

The first trick to avoid the trading frenzy is to identify your time frame and your reasons for owning gold. An investor buying gold coins as a 30-year investment will have to ignore day-to-day volatility, compared to traders who will try to capitalize on these price fluctuations.

The three most popular ways to buy gold are gold coins and bullion, gold stocks and gold exchange-traded funds.

The three money-losing mistakes many investors make are overpaying for bullion, picking bad stocks, and buying ETFs for the wrong reasons. Before you pull the trigger, find out how to avoid these common blunders.

Gold Coins and Bullion

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